New York City Employees' Retirement System, or NYCERS, is investing $60 million in a partnership led by the Community Preservation Corp. that will preserve nearly 35,000 rent-stabilized units affected by the Signature Bank's sudden collapse last year, according to an announcement by New York City Comptroller Brad Lander.
The investment was made in Community Stabilization Partners, a joint venture led by affordable housing providers Community Preservation Corp. and Related Fund Management. NYCERS will own a 25% stake in the partnership.
"The 35,000 rental units in the Signature portfolio could have faced grave risks as a result of the bank's collapse – preserving them is an enormous team effort, and we are proud to be part of it," Lander said. He estimated the internal rate of return of the investment to be almost 11% net of fees.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Unlimited access to GlobeSt and other free ALM publications
- Access to 15 years of GlobeSt archives
- Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
- 1 free article* every 30 days across the ALM subscription network
- Exclusive discounts on ALM events and publications
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
